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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"AVI Global Trust focuses on deep value opportunities in Korea and complex holding companies. Korean governance reforms are creating compelling opportunities with 68% of KOSPI below book value."
AVI Global Trust declined 0.7% in October 2025, with Korean holdings continuing to drive performance despite broader market volatility. The fund has built a 9.5% allocation to Korea, capitalizing on corporate governance reforms and deep undervaluation, with 68% of the KOSPI trading below book value. Korean positions have contributed +1.1% to NAV with a weighted average return of +25%, led by HD Hyundai (+54%), Hyosung Corporation (+71%), and Samsung C&T (+28%). News Corp remains a significant position despite a 14% decline, as the investment case centers on the massive undervaluation of stub assets relative to the REA Group stake. The resolution of the Murdoch Family Trust succession battle may catalyze value realization. Professional Information Business at Dow Jones continues growing strongly at +10%, with margins expanding from 13% in 2019 to 25% currently. The manager sees compelling opportunities for fundamental investors with engagement experience, particularly in markets with limited sell-side coverage and governance catalysts.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High conviction evident in concentrated positions, detailed fundamental analysis, and willingness to add to positions during volatility. Strong conviction in Korean governance reform thesis and News Corp value realization despite timing uncertainty.
Growth Outlook
Manager expresses strong optimism about opportunities, particularly in Korea where corporate governance reforms are creating a rich opportunity set. Describes outlook as 'extremely compelling' for fundamental investors with 68% of KOSPI trading below book value.
Risk Appetite
Moderate risk-on positioning with active building of Korean exposure to 9.5% of NAV and adding to positions like Amorepacific Holdings despite widening discounts. However, maintains selective approach rather than aggressive deployment.
Capital Deployment
Moderate deployment activity with building Korean exposure to 9.5% of NAV and adding to Amorepacific Holdings position. Active positioning but no indication of major cash level changes or aggressive scaling.
Forward Guidance
Positive bias toward continued deployment in undervalued opportunities, particularly in Korea and maintaining conviction in News Corp despite volatility. Manager indicates willingness to add to positions when discounts widen.
Language Signal
Language skews positive with terms like 'compelling', 'extremely compelling', 'rich opportunity set', and 'attractive' outweighing risk language. Focus on undervaluation and value realization opportunities dominates the narrative.
Perceived Risk
Moderate risk acknowledgment around timing uncertainty for value realization events and potential for passive Korean exposure to face concentration risk. However, overall risk discussion is limited relative to opportunity focus.
Opportunity Density
High opportunity density particularly in Korea with 68% of KOSPI below book value and 61% without sell-side coverage. Manager describes environment as 'extremely compelling' for fundamental investors with engagement experience.
Time Horizon
Medium to long-term orientation evident in willingness to wait for governance reforms and family trust resolutions to catalyze value. Focus on fundamental value realization over multiple years rather than near-term catalysts.
